Muhith slams IDRA for serious irregularities

Terming Insurance Development and Regulatory Authority (IDRA) the weakest among the financial institutions, Finance minister AMA Muhith on Monday said there are serious corruption and irregularities in the IDRA.
He also observed that the stock market which was earlier a ‘fraud market’ now has taken a shape and it took five years to do it. “Now it has turned into an investment market.”
The minister made the observations while speaking at the unveiling ceremony of the strategic paper titled ‘Preventing Money Laundering and Combating of Terrorism’ and a book titled ‘Activities of Bank, Insurance and Financial Institution-2014-15’ held at the Finance Ministry.
Describing Dr Yunus’ microcredit model a very good one of its kind, Muhith said, “Yunus himself pledged to turn Grameen Bank into an institution. But unfortunately he himself turned into Grameen Bank. Our differences with him are just over it, nothing else.”
Observing that there is a need to develop the system of Grameen Bank, he said, “We wanted to work in this regard. But Yunus and his supporters have created obstacles by filing a case.”
The minister also observed that there has been a progress over the government efforts to deal with money laundering and there is a committee in this regard which is working on it, according to a news agency report.
State Minister for Finance MA Mannan, Finance Secretary Mahbub Ahmed, Bank and Financial Institutions Division Secretary M Aslam Alam, Bangladesh Bank Governor Dr Atiur Rahman were, among others, present.